Business Transition Planning

Within your small or family business, planning is essential for the security and continued success of the business itself as well as for the current and future generations of your family.

Your goals, your family’s goals, and your company’s goals must all be considered in a successful business succession plan. The Farr Law Firm can assist you in making sure all of the plans work together. Important issues need to be addressed in each area of planning.

Family Dynamic Issues

Is conflict within the family affecting the business? Are some family members active in the family business and some not? Does this create conflict? Can family members pursue their own goals within the current structure of the family business? Perhaps a change of structure is in order.

Owner Planning

As the owner, what is your role now? What do you want it to be in the future? Will you remain involved, or will you totally step aside? What if you become disabled? How will you and your children remain financially secure? What are your sources of income? What are your options? Perhaps additional life insurance, disability insurance, or other sources of financial support are called for.

Company Planning

What is your company’s value? Have you had it appraised by a Certified Business Appraiser? Where do you want the company to be in five or ten years? Do you want to expand, cut back, or sell?

Succession Planning

Who, if anyone, will take over your business? Should it be a family member? How will the wealth of the company be distributed? How will estate taxes affect the company? How will leadership be transferred? How will significant wealth affect your children? Should creation of a family foundation be considered?

Testimonials

We hired Evan Farr to create our entire set of estate documents. I would work with him again and can recommend him without reservation.

M.R., Fairfax, VA

Evan Farr and his firm have been a godsend to my family. He was so easy to speak with about hard family topics.

Mary Keelin, Burke, VA

My pension was not enough to cover my wife's nursing home expenses. If it weren't for the Medicaid [that the Farr Firm helped me qualify for] I don't know what would have happened.

W.T., Springfield, VA

Thanks to your firm, we still have our home, a few dollars still in the bank, and most importantly, my wife is able to be in our home with the help that she needs.

Gary Rogers, Herndon, VA

Thank you from the bottom of our hearts for all your hard work and faithfulness! But most of all thank you for DEFENDING the elderly patients who can't speak for themselves!

The Wooster Family

You really "wowed" me with the amount of homework you had done prior to our first meeting and with every explanation and thorough and gentle guidance that you made during the entire process.

Debbie Jones, Fairfax, VA

Evan Farr, is, in my view, one of Virginia's foremost authorities on the subject of elder law... Use his website - get educated - then call him!

Ben Glass, Personal Injury Lawyer, Fairfax, VA

First class counsel; very knowledgeable and knows his area. Likeable guy.

Robert S. Bullock, Esq., Owner, EDLC

Evan Farr is one of the foremost authorities in elder law in the State of Virginia. He has a true passion for his clients and solid competence. He is a solid choice for any individual or family seeking his services.

Thomas Begley, Estate Planning Attorney in Mt. Laurel, NJ

Evan is an extremely knowledgeable Estate Planning and Elder Law Attorney. He is very approachable and down to earth.